1. For parts a, b and c refer to a good for which the supply and demand equations are given by: Q1 2 250 15P Q, = 100 + 1013 where Qd, Qs and P represent, respectively, the quantity demanded, the quantity supplied in units per week, and the good's price in . Which of the following statements are true, false or uncertain? Fully explain your reasons by drawing a relevant diagram for each part: a) when P = 10 there is an excess demand of 100 units; b) when Q = 160 units per week the market is in equilibrium; c) ifthe government imposed a fixed tax of 5 per unit produced, the equilibrium quantity will increase while the equilibrium price will fall. Parts d and e refer to a single-price profit-maximising monopolist whose demand curve and total cost curve are given by: P =AQ_D'5 TC 2 10 + 0.750 where TC is measured in k per week and Q represents output measured in 10003 of units per week. d) Show that the price elasticity of demand is constant, for all values of A, and is always equal to 2. e) What is the profit-maximising output, and the monopolist's total profit